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Nyrstar's losses mount on mining write-downs

Bnamericas Published: Thursday, February 04, 2016
Nyrstar's losses mount on mining write-downs

Nyrstar's losses increased in 2015 due to impairments of its mining assets.

The Belgium-based miner and metals processing company reported losses of 432mn euros (US$484mn), compared to a loss of 287mn euros in 2014.

Results were impacted by 564mn euro impairment losses, of which 548mn euros related to mining assets and the remainder to non-core operations.

The company announced the planned sale of some or all of its mines, including assets in Mexico, Peru, Honduras and Chile, in November due to weak metals prices and a strained balance sheet.

IMPAIRMENTS

The biggest single write-down was a 376mn euro charge at the Campo Morado mine in Mexico at the end of H1, relating to security concerns in Guerrero state. The mine was suspended in 1Q15 and later placed on care and maintenance.

Further mining impairment losses of 146mn euros were recognized at year-end due to the significant deterioration of the near-term commodity price environment.

Nyrstar also has the Contanga mine and the suspended Pucarrajo and Coricancha operations in Peru, the El Mochito mine in Honduras and El Toqui in Chile, as well as mines in Canada and the US. The mines produce zinc, lead, silver, gold and copper.

RESULTS

Ebitda increased 8% to 256mn euros, with metals processing Ebitda up 41% at 336mn offset by a mining Ebitda loss of 41mn. Revenue was up 12% at 3.139bn euros.

Nyrstar's mining operations produced 234,000t zinc, down 16%, with lead output 32% lower at 13,000t, gold down 69% at 16,100oz, silver 47% lower at 2.72Moz and copper down 42% at 6,500t.

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